Before the FOMC announces interest rate decisions, bets on a decline in the US dollar are close to their peak in 2025.

The Bloomberg Dollar Spot Index's one-month risk reversal shows that traders are heavily bearish on the dollar ahead of the FOMC rate decision. On May 7, the Bloomberg Dollar Index's one-month risk reversal indicator was 0.50%, with a preference for put options. This indicator remains close to its year-to-date low of 0.55% since April 11, with a preference for put options.